GAN announced that Brian Chang has been appointed as the permanent Chief Financial Officer after serving the position on a temporarily basis for almost 18 months.
Chang was appointed interim CFO of GAN when Karen Flores left the post in November 2022. The role will be his full-time job.
Chang was previously the senior vice president and controller of GAN. Since September 20, 2021, Chang has worked for the company.
Chang held various finance positions at Alorica, a diversified service provider. Chang also worked for medical firm Edwards Lifesciences, and Deloitte.
David Goldberg, GAN’s chairman said: “I would like to congratulate Brian for his permanent appointment as the leader of our finance team.” Brian has demonstrated his financial expertise as interim CFO. He has full support from the Board of Directors.
Chang’s appointment is the latest in a series of senior management changes at GAN. Dermot Smurfit, who had been CEO for many years, stepped down last year. Seamus McGill was named interim CEO in 2014 before becoming the permanent CEO last month.
Sega Sammy purchase is nearer for GAN
Smurfit departed shortly after Sega Sammy, the gaming giant Sega Sammy, agreed to buy GAN for $107m (£85.6m/EUR99.9m). Chang, who will serve as GAN’s permanent CFO, is supporting the company with its acquisition.
GAN’s shareholders approved the deal in February. Sega Sammy wants to utilize GAN in order to expand its US online gambling plans.
If the transaction proceeds as planned, GAN will merge with Sega Sammy Creation and create a special-purpose company. GAN will be the only corporation left after this merger.
Brian’s demonstrated leadership in the financial team, and his strong understanding of accounting and financial control leave us confident he will be the person who guides us towards a successful closing of our merger.
Chang said: “I am looking forward to continuing to lead our financial team towards a successful closure of our merger.
GAN’s net loss will be lower in 2023
GAN also released its 2023 full-year financial results last month. The results showed a decrease in revenue, but also a smaller net loss.
The Group’s revenue in the year ending 31 December 2023 fell by 8.6%, from $141.5m the previous period.
B2C revenue remains at $86.2m but is down 1.5% from last year. The revenue from B2B also dropped 20.2%, to $43.2m.
GAN did have some positive news, as no impairment costs reduced its total spending. The net loss fell from $197.5m down to $34.4m. However, adjusted EBITDA went from being positive at $6.0m up to a loss of $8.4m.
